Nvidia will compete with pricing using H100, H200 against AMDs latest. Basically AMD will get sales, but profit margins are nowhere where Nvidia is.

Operating income to sales (ttm):

  AMD:   4%
  NVDA: 62%

Nvidia and AMD and both competing as customers to TSMC for fab supply they need to order 1-2 years in advance. Apple and Nvidia are served first because they are the best paying customers.

ps. When Intel was the big dog, it almost killed AMD every time they made a x86 chip that was better than Intel. All Intel had to do was to sacrifice little profit margins, removing AMDs profit. This time the demand is so high that it's not going to happen, so AMD can enjoy the piece it has.